Spokane County Finds Eastern Investors Hungry for Western Bonds
A local treasurer successfully refinances county debt in Chicago, signaling a shift in how Western infrastructure was financed at the turn of the century.
George Mudgett, treasurer of Spokane county, visited Walla Walla yesterday. He recently returned from a trip to Chicago where he successfully placed $300,000 of Spokane county's bonds at 4.5 percent interest per annum, replacing 20-year bonds that bore 6 percent. Mudgett noted that eastern capital is eager for western investments, marking a stark contrast to the scarcity of capital in the region just a few years prior.
“Eastern capital is eager for western bonds as is evidenced by Spokane county being able to place a big issue at a low rate of interest.”
This reflects the era of rapid regional expansion where Western counties depended on Eastern capital to build infrastructure, a precursor to modern municipal bond markets that still connect local development to global finance.
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